Body measurement app MyFiziq (ASX:MYQ) is still pursuing a dual listing on the tech-focused NASDAQ stock exchange.

The company announced this morning that it’s retained Ladenburg Thalmann & Co. Inc, a NYSE-listed investment bank, as lead underwriter for the move.

Amid a run of good news flow, shares in MyFiziq have had a torrid start to the 2021 financial year climbing from below 30c to an intraday high of $1.50.


September charge

The move toward a NASDAQ listing commenced with a $US1.5m ($2.1m) convertible note investment by Asia Cornerstone Asset Management at the start of June.

The funds will be allocated in four tranches, with the second tranche triggered on June 30 after MyFiziq received approval for an audit by the US Public Company Accounting Oversight Board.

MyFiziq’s scanning technology allows users to create a 3D model of their body shape by taking photos from their smartphone, for fitness monitoring purposes.

A strong FY21 rally was capped off on Tuesday this week, when MyFiziq came out of a trading halt to announce a binding term sheet with Singapore-based health company Nexus-Vita.

The deal will see MyFiziq’s CompleteScan Technology integrated into Nexus-Vita’s health platform, as it looks to capitalise on the post-COVID trend towards remote telehealth solutions.

As part of the deal, MyFiziq was given a minimum revenue guarantee of $US3.588m “regardless of the minimum user base being achieved”.

The company subsequently received a query from the ASX about the timing of its trading halt on September 29 prior to the Nexus-Vita announcement, after a spike in trading volumes.

MyFiziq said it only became aware of key information after it went into a trading halt, when it received the executed final agreement from Nexus-Vita.

Along with Nexus-Vita, MyFiziq yesterday announced it had entered into another integration agreement with ASX-listed Jayex Healthcare (ASX:JHL).

Jayex said it’s targeting 1 million users for MyFiziq’s CompleteScan technology within the first 12 months.

However, pending user uptake rates, MyFiziq said it was too early to advise of potential revenue flows from the deal.